Security token firm Polymath shuts down 2 projects, resulting in layoffs

Polymath, a security token platform, has pulled the plug on two of its product initiatives, the firm announced yesterday. It added that the move had resulted in at least 10 layoffs. 

The firm clarified that it would continue its core work on Ethereum and on its flagship Polymath Token Studio, which it said had "enabled the creation of more than 130 security tokens." However, there are questions about demand, as it said only 12 of those tokens had "more than 5 token holders."

The firm began trialing peer-to-peer security token trades earlier this year, as STOs are not yet available on most of the well-known cryptocurrency exchanges. 

Kevin North, CEO of Polymath, played down the move, saying he had ceased development on other two major projects when he joined the firm.